Current Federal Tax Developments

§280E bars more than just §162 deductions, taxpayer cannot claim legal malpractice award as being related to physical injury, calls come to push back filing deadline and more.

Taxpayer fails to get FBAR penalty relief, Tax Courts outlines when it will allow a taxpayer to argue substance over form, and IRS warns about a phishing scam.

Form 1040 instructions add to the confusion over virtual currency question on return, IRS orders banks to issue corrected Forms 1099 for SBA loan payments and more.

IRS gives advice to victims of unemployment compensated related identity theft, a revised Form 7200 released in draft form that indicates how employers will claim the advance employee retention credit and more.

The IRS releases first guidance on revised 2020 ERC program, limited penalty relief provided for tax basis capital reporting on partners' K-1s, and a lot of SBA guidance on the PPP loan programs as revised by the CAA.

The IRS delays the acceptance of returns until February 12, the IP-PIN voluntary program opens up nationwide and more.

This week we look at the two IFRs issued by the Small Business Administration for the revised PPP loan program.

IRS finalizes accounting method regulations, proposes a user fee for estate tax closing letters, an email explains the statute of limitations and the added time to file 2019 returns, and more.

A summary of employee retention credits found in the Consolidated Appropriation Act, 2021, a bill that is currently in limbo as the President has threatened not to sign the bill without specific changes.

The pieces of the proposed PPP provisions in the COVID-19 relief bill being negotiated by Congress for potential passage.